International

According to a HuffPo article, it seems our friends in Canada are beginning to worry a bit more about their personal debt levels. Data by Google shows the search term Pay Off Debt has been trending for Canadian searchers. From the looks of the chart though it is an on again, off again interest for Canadians who have hit a ... Read More »

The Connecticut Department of Banking has issued a cease and desist and civil penalty against New Life Consultants / New Life Financial Solutions for running afoul of the Debt Adjusters and Debt Negotiation statutes. After giving the New Life folks a chance to respond, the State gave up and has now issued a $100,000 fine against the troubled company. – ... Read More »

The Vancover Sun is reporting a situation which sounds familiar in the U.S. as well regarding Options Debt Consolidation Canada and Options Credit Canada. Apparently Options Credit was selling agents or franchise owners a magnificent debt relief business opportunity where they would receive “with real-time leads and the ongoing support and management necessary to qualify prospective clients and to generate ... Read More »

Hey Canada, better late than never, eh? Tracy MacCharles, the Minister of Consumer Services, stated today, “Ontario consumers need to have confidence that they’re getting what they pay for when purchasing debt settlement services. We’re going to introduce legislation that would protect some of our most vulnerable consumers from being taken advantage of, at a time when they need the ... Read More »

The Office of Fair Trading in the UK has eliminated a debt relief company license to offer debt help. The OFT has decided to revoke the credit licence of First Step Finance Limited (FSF), a large debt resolution company based in Stockport. The OFT has reached this decision because, among other matters, the company: was not sufficiently transparent when describing ... Read More »

Research launched today by Lloyds Banking Group and the Money Advice Trust has raised several concerns over the practice of struggling households being charged fees for debt management plans. The research, conducted by the Centre for Research in Social Policy at Loughborough University, suggests that debt management plans set up by fee-charging companies were more likely to fail as arrangements ... Read More »

The Debt Counselling Industry in South Africa has announced a new insurance product to assist consumers struggling with financial troubles. In South Africa, when consumers are working with a registered debt counsellor who can put together a court approved and mandated repayment plan, up till now there has been little relief from the exorbitant fees paid to creditors when they ... Read More »

The other day I caught a bit of that movie Groundhog Day. That’s the Bill Murray film where he wakes up every morning and it is the day before all over. As someone who has been involved in debt relief in Ireland, UK, U.S., The Netherlands, and some in South Africa I can tell you that the debt relief industry ... Read More »

Debroah Solomon, of The Debt Counseling Industry, a South African debt counsellor, is speaking up about what she perceives as continued bad behaviour by the banks. Solomon states, “I am compiling a list of case studies involving banking institutions and the tactics used to terrorise some debtors. The studies display many common features, including scare tactics rather than respect for ... Read More »

Recent activity by the National Credit Regulator, and the CEO of the creditor controlled NDMA, Magauta Mphahlele, has created a flurry of activity among South African debt counsellors who are not happy that the voluntary debt mediation project (VDMS) has been cancelled. The new process sounds very similar to a UK or Canada IVA type arrangement or a U.S. non-judicial ... Read More »

The Office of Fair Trading, (UK Equivalent of FTC) has announced they are considering adding a new power to their quiver of tools to deal with rouge debt relief companies. This new proposal seems very risky to even good and compliant debt relief providers in the UK. Under this new proposal the OFT could suspend the required consumer credit license ... Read More »

Well it appears that Canada is experiencing an exploding wave of debt solution provider and debt settlement companies. I’m not surprised, with the implementation of new tougher legislation in the United States, we knew some debt settlement companies would be looking for less regulated turf. It looks like they found it, just north of the border. And Canada is prime ... Read More »

The Office of Fair Trading (OFT) in the UK has just released a report warning 129 debt management companies they risk losing their license to operate. The OFT in the UK serves a similar function as the FTC in the U.S. In the UK debt management companies can operate as for-profit companies and fees may be charged. As you will ... Read More »

Thanks to an awesome tipster (send in your tips here) we have the story below. Keep the tips coming. Czech Radio is reporting that debt settlement services in the Czech Republic have become a big enough problem that People in Need is speaking out against them to help protect consumers. When you listen to the report below by Czech Radio ... Read More »

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